Evergrande tycoon at the heart of China's property crisis jailed for life

Evergrande’s founder Hui Ka Yan, also known as Xu Jiayin, was sentenced to life in prison on Thursday, according to state media, in the latest blow to the once-dominant developer at the center of China’s property crisis. State news agency Xinhua said the ruling came from a court in Shenzhen, ordering Hui to forfeit all personal assets and stripping him of political rights for life. Evergrande Group was fined 8.82 billion yuan ($1.23 billion), and Evergrande Real Estate was fined 7 billion yuan ($1.23 billion). The verdict cited charges including financial fraud, inflating assets, concealing liabilities, illegal fundraising, and improper information disclosure, widening pressure on consumer confidence amid a broader real-estate drag.